Fiduciary Trust Chief Investment Officer S. Mackintosh Pulsifer to Retire From the Role in June 2014; Successor, Ronald J. Sanchez, CFA Named

NEW YORK, NY--(Marketwired - Feb 13, 2014) - Fiduciary Trust Company International, a global investment management firm serving individuals, families, endowments and foundations and an affiliate of Franklin Templeton Investments, announced today that vice chairman and Chief Investment Officer, S. Mackintosh Pulsifer will step back from his role as CIO on June 1, 2014.

Mr. Pulsifer, 68, will become a Senior Advisor to the investment department continuing to work with individual clients and participating in the formulation of strategic and tactical investment policy. He will also continue to serve on Fiduciary's Board of Directors. Mr. Pulsifer joined Fiduciary in 1988 after 15 years of managing portfolios at a private, independent investment counsel firm based in New York City. He ascended to the CIO role in 2006 and led the investment department through a period of extraordinary turmoil in world markets.

"Mackin has served as CIO with distinction, delivering perspective that has shaped forward-thinking, sophisticated and creative solutions for our firm's clients. His commitment to a truly global perspective and mentorship of the professionals in our investment department has been extraordinary," said Henry P. Johnson, Fiduciary Trust's president and chief executive officer. "We continue to be deeply grateful to Mackin for his service, not just for his leadership as chief investment officer for the past eight years, but for his commitment to Fiduciary Trust, our clients and colleagues since joining the firm more than 25 years ago. We are pleased Mackin will remain an important member of Fiduciary's investment team."

The firm also announced that Mr. Pulsifer's successor as CIO will be Ronald J. Sanchez, CFA. Mr. Sanchez, 52, joined Fiduciary Trust in 1993 and has been responsible for the development of fixed income strategies and management of fixed income portfolios for individuals and family groups. Since 2007 he has served as co-chairman of the firm's Asset Allocation Committee and a member of the Fixed Income Policy Committee of Fiduciary's parent company, Franklin Templeton. He has played an important role within Fiduciary Trust's investment department over the last several years, working to develop the firm's investment platform and deepening its asset allocation resources and capabilities. Like Mr. Pulisfer, Mr. Sanchez is a member of Fiduciary's Management Committee.

"Ron has the unique advantage of having worked extensively with every investment professional at Fiduciary Trust over the last 21 years," said Mr. Johnson. "He brings to the role a deep and nuanced knowledge of investment quality, and will continue to explore ways to leverage the global resources of our parent company, Franklin Templeton, to deliver world-class investment strategies to Fiduciary's clients."

About Fiduciary Trust Company InternationalFiduciary Trust Company International, a global investment management firm, has served individuals, families, endowments and foundations since 1931. With $45.6 billion in assets under management and administration as of December 31, 2013, the firm specializes in strategic wealth planning, investment management and trust and estate services, as well as tax and custody services. The firm and its subsidiaries maintain offices in New York, Miami, Boca Raton, Los Angeles, San Mateo, CA, Washington, D.C. Wilmington, DE, St. Petersburg, FL, London and Hong Kong. For more information please visit fiduciarytrust.com.

Fiduciary Trust Company International is a wholly-owned subsidiary of Franklin Resources, Inc. (NYSE: BEN), a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series, Bissett, Fiduciary Trust, Darby, Balanced Equity Management and K2 investment teams. The San Mateo, CA-based company has more than 65 years of investment experience and over $857 billion in assets under management as of January 31, 2014. For more information, please visit franklintempleton.com.